By E. D. APPIAH

Freeport News Reporter

ewurabena@nasguard.com

Lord Michael Ashcroft, a British billionaire with several business ventures in the South American country of Belize, has been confirmed as one of three potential purchasers of the Grand Bahama Port Authority (GBPA).

Last month Sir Jack Hayward, one of the principal owners of the GBPA, in an exclusive interview with The Freeport News, divulged that there were several potential buyers for the company.

This was confirmed on Friday by a knowledgeable source at the GBPA, who said that in addition to Lord Ashcroft, they are having discussions with two U.S. companies, one of which reportedly is a conglomerate of major players from the U.S., who have pooled their resources for the project. Those talks reportedly started a few weeks ago and have progressed quickly.

Lord Ashcroft is a U.K. financier, who was ranked 89th in the Sunday Times' Rich List 2007, with an estimated personal wealth of approximately $1.8 billion.

He has significant interest in a handful of major businesses, with a focus on telecommunication companies, and is also a major financial contributor to the U.K.'s conservative party.

Despite political and financial successes, Lord Ashcroft has, in recent times, became embroiled in an increasingly bitter war of words with the Belizean government which has reportedly compromised the businessman's reputation in some circles.

Belizean officials have accused Ashcroft of being "predatory" and attempting "to subjugate an entire nation to his will."

According to international reports, Ashcroft allegedly negotiated a deal with the previous administration that saw the taxpayer effectively underwrite his telecommunications interests. However, the U.K. lord has vehemently denied owning any such interest in the Belizean telecomunications industry.

It reportedly is as a result of this growing government pressure, that Ashcroft is seeking out new business opportunities in the Caribbean. He has already expanded his empire into Trinidad and Tobago as well as the Turks and Caicos Islands.

Meanwhile, since litigation between the GBPA principals began, Chinese enterprise Hutchison Whampoa has made no secret of its desire to purchase the company and have in fact been in talks with the St. Georges, the other principal owner of the GBPA, since 2007, although they have made it clear that they have no interest in carrying out any of the GBPA's governmental functions.

During the phase four launch of the Freeport Container Port expansion in December 2007, then CEO Chris Gray confirmed that the company had made an offer to acquire shares in IDC Limited, Cayman – the parent company of the Port Group Limited and the GBPA – although the move has so far been opposed by the Haywards, who were at one point attempting to sell their half of the company to English banker Roddy Fleming.

In February 2008, Sir Jack reportedly reached agreement with Fleming Group worth $100 million dollars in cash, but a month later that deal fell through.

While both the Estate of the late Edward St. George and Prime Minister Hubert Ingraham have spoken out in favour of Hutchison as a possible owner, the Chinese conglmorerate remains an unpopular choice for some residents on this island and other political figures as well.

Fomer Tourism Minister Obie Wilchcombe said in an interview with The Freeport News yesterday, that Hutchison has not proven itself as a company that should be entrusted with the enourmous task of governing Grand Bahama.

"We need a buyer who believes in further growth and development who has a plan that includes Bahamians and where Bahamaians see that they have a role to play, and right now i'm very concerned that Hutchison has not demonstrated that to me particularly ... My preference would have been a Bahamian group, frankly," Wilchcombe said.

Prime Minister Ingraham has said he expects to meet with the Hutchison leadership by year's end to discuss the possible GBPA sale and other collaborative efforts for Grand Bahama.